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ARIZONA BIOINDUSTRY ASSOCIATION
Message from the chair W
elcome to the 2026 AZBio Magazine, celebrating Arizona’s dynamic and growing life sciences community. As you turn these pages, you’ll discover the people, organizations and innovations that continue to position Arizona as one of the nation’s leading centers for bioscience research, healthcare innovation and commercialization. Our progress is the result of collaboration across industry, academia, healthcare, government and our nonprofit partners, all working together to improve lives while strengthening Arizona’s economy. This issue highlights the extraordinary achievements of our AZBio Award winners and the many organizations and individuals whose work is advancing the discovery, development and delivery of lifechanging diagnostics, therapies, medical devices and digital health solutions. Their accomplishments remind us that Arizona’s greatest strength is the talent, dedication and entrepreneurial spirit of the people who make up our bioscience community. Over the past year, AZBio has been focused on turning vision into action. Working alongside the Flinn Foundation and our many partners, we have begun implementing the renewed Arizona Bioscience Roadmap, translating its recommendations into initiatives that strengthen Arizona’s bioscience ecosystem. From supporting workforce development
and expanding opportunities for entrepreneurs to fostering collaboration across research institutions and industry, the Roadmap provides a shared framework for building on Arizona’s momentum and ensuring our state remains competitive for talent, investment and innovation. Equally important has been listening to our members. This year, AZBio conducted a comprehensive member survey to better understand what we are doing well and where we can improve. The thoughtful feedback we received reinforces the value our members place on advocacy, networking, education and community while also identifying opportunities for us to become even more responsive to the evolving needs of Arizona’s life sciences organizations. That input is helping shape our priorities and will guide how we deliver greater value in the years ahead. AZBio’s mission remains unchanged: to advance Arizona’s life sciences community through advocacy, education and collaboration. As our industry continues to grow, so does our responsibility to serve as a trusted voice, convene meaningful partnerships and create opportunities that help our members succeed. Whether supporting startups, established companies, researchers, healthcare providers or educators, we are committed to fostering an environment where innovation can flourish.
Arizona’s bioscience sector continues to create high-quality jobs, attract investment and deliver innovations that improve health around the world. Every breakthrough, every new company, every successful partnership and every patient impacted reflects the strength of our collaborative community. Together, we are demonstrating what is possible when organizations unite around a common purpose. Finally, I would like to congratulate this year’s AZBio Award winners. Your achievements exemplify the excellence, perseverance and innovation that define Arizona’s bioscience community. Thank you for inspiring all of us and for helping make Arizona a place where scientific discovery is transformed into better health and greater opportunity. Thank you to our members, partners, volunteers and supporters for your continued commitment to Arizona’s bioscience community. Together, we are advancing innovation, strengthening our ecosystem and improving the lives of patients everywhere. I hope you enjoy this year’s AZBio Magazine and the stories of the remarkable people and organizations shaping the future of bioscience in Arizona. Kevin Parker serves as the interim CEO of CND Life Sciences in Scottsdale and as chairman of the board for the Arizona BioIndustry Association (AZBio). AB | September - October 2026 123
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ARIZONA BIOINDUSTRY ASSOCIATION
Health innovation and Arizona’s brighter future T
wo decades ago, a conversation about Arizona’s economic pillars invariably circled back to the “Five C’s”: copper, cattle, cotton, citrus and climate. While those historic foundational elements shaped the Grand Canyon State’s early growth, a new engine of prosperity now powers the region’s modern workforce and industrial footprint: Arizona’s life sciences industry. Across the sun-drenched landscape from Flagstaff to Tucson—and concentrated in the vibrant heart of Greater Phoenix— Arizona has quietly cultivated one of the most dynamic bioscience ecosystems in the United States. Driven by statewide collaboration, public-private investment and world-class research institutions, the sector has transformed from an ambitious economic diversification experiment into a high-wage, high-impact powerhouse that generated $43.64 billion of economic impact in 2023 alone. Today, Arizona’s life science industry is 124
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not only driving record-breaking economic output, but it is also delivering tangible, lifesaving medical breakthroughs directly to the people who call the desert home. The catalyst: Building a connected ecosystem Arizona’s bioscience transformation did not happen by accident. In 2002, the Flinn Foundation launched Arizona’s Bioscience Roadmap, a long-term strategic plan designed to establish the state as a competitive force in medical research, biotechnology and healthcare innovation. Where other states allowed regional rivalries to fragment development, Arizona adopted a unified, collaborative ethos. This dense concentration of intellect and clinical infrastructure is mirrored across the state: Northern Arizona is where you will find NAU’s Pathogen and Microbiome Institute working with TGen to provide critical national surveillance on infectious diseases
and environmental health threats, while Moonshot health innovators are launching new biotech and medtech companies. Maricopa County, in the center of the state, has the highest population and industry concentration. The Phoenix Bioscience Core (PBC), a 30-acre urban research campus in downtown Phoenix, is where TGen and Arizona’s three public universities—Arizona State University (ASU), the University of Arizona (U of A) and Northern Arizona University (NAU)—work side by side with clinical giants, startup incubators, the National Institutes of Health and global medtech and biopharmaceutical leaders. Phoenix Medical Quarter is a midtown hub that serves as a complementary bioscience and medical education center and is home to the Creighton University Health Sciences Campus, Banner University Medical Center, Dignity Health/St. Joseph’s Hospital and Barrow Neurological Institute (BNI), Phoenix Children’s Hospital, the WearTech
Applied Research Center and more. On the north side of town, Mayo Clinic is developing the 120-acre Discovery Oasis as a place for industry collaboration adjacent to its 400-acre healthcare campus. Major industry players in Maricopa County include Abbott, Becton Dickinson (BD), Castle Biosciences, Caris Life Sciences, Dexcom, Exact Sciences, GE Medical, Medtronic, ROIS CDMO, Sonora Quest, Stryker, Vitalant, West Pharma (AbbVie) and W.L. Gore and Associates. Emerging leaders include BioLab Holdings, Bright Path Labs, CND Life Sciences, Nectero Therapeutics, Regenesis Medical, Surgenex and more. Southern Arizona is home to global diagnostics leader Roche Tissue Diagnostics and the University of Arizona’s BIO5 Institute, turning optics and genomic research into advanced diagnostics. Within the region, companies are developing and delivering medical technologies designed to diagnose and treat a wide range of health conditions. Spanning the state, Arizona’s healthcare and clinical research centers include Arizona Heart Hospital, Banner Health and the Banner Alzheimer’s Institute, Dignity Health, including the Barrow Neurological Institute and Norton Thoracic Institute, Flagstaff Medical Center, HonorHealth and the HonorHealth Research Institute, Ironwood Cancer and Research Center, Mayo Clinic’s massive expansion at Discovery Oasis, TD2, Tucson Medical Center and Valleywise Health. Economic momentum: High wages, job growth and inward capital The financial impact of this growing infrastructure is staggering. Recent data
highlights how the bioscience sector consistently outpaces broader economic averages across job creation, research capital and venture funding. More than 144,000 Arizonans are employed across bioscience companies, research institutes and hospital systems. These jobs pay an average annual salary of $87,000, standing $20,000 higher than the state’s overall private-sector average. A subset of over 40,000 nonhospital bioscience jobs—ranging from medical device engineering to drug manufacturing—has expanded rapidly, surging nearly 19% in recent tracking periods. For these workers, the average wage is $102,161, double Arizona’s average private-sector wage. This growing workforce, combined with the wage premiums, creates a robust multiplier effect, injecting discretionary spending into local housing markets, service industries and municipal tax bases. Cross-industry convergence Arizona is the nation’s premier semiconductor manufacturing hub. Life science innovators have been integrating machine learning, large language models and other technologies associated with artificial intelligence (AI) for decades, and usage is accelerating. Arizona is at the heart of the convergence of biotechnology and microelectronics. Next-generation medical devices, wearable diagnostics, biosensors, AI-driven imaging and tools for precision medicine require high-end microchip fabrication. Arizona is one of the few regions globally positioned to design, test, fabricate and manufacture both the silicon and the health innovations under a single regional sky.
The road ahead Arizona is not resting on its laurels. Arizona’s Bioscience Roadmap (2025–2030) lays out the next phase of expansion: Accelerating Translation: Streamlining the pathway from university lab discovery to commercial medical products. Expanding Risk Capital: Attracting venture capital networks to scale local startups into national market leaders. Cross-Industry Innovation: Coupling AI, high-performance computing and semiconductor hardware with medical therapeutics. Arizona has proven that a state can reinvent its economic destiny through long-term vision, shared infrastructure and persistent investment. Arizona’s life sciences sector generated $43.64 billion in economic impact in 2023, marking a massive 88% increase since 2016. The state’s core bioscience market expanded at a 9.5% compound annual growth rate (CAGR) from 2016– 2023. And Arizona has ranked as the second-fastest job creator for biosciences in the United States over a 10-year period on a percentage basis. The Sonoran Desert is no longer just a destination for winter sunshine—it is a global frontier for medical discovery, economic resilience and life-changing health innovation. The Arizona Bioindustry Association (AZBio) provides the connective tissue that spans Arizona’s life science ecosystem and connects stakeholders to partners locally, nationally and internationally. To learn how it does this, turn the page.
THE ECONOMIC IMPACT OF ARIZONA’S LIFE SCIENCES SECTOR 2016
$23.16 billion
2018
$32.67 billion
2021
$38.54 billion
2023
$43.64 billion
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ARIZONA BIOINDUSTRY ASSOCIATION
AZBio’s role in Arizona’s rapidly growing life science sector
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rizona’s transformation into a national bioindustry powerhouse is no accident. Behind the state’s rapid surge in life science research, clinical breakthroughs and medical technology is Arizona’s Bioscience Roadmap, a decades long strategic plan stewarded by the Flinn Foundation, hundreds of Arizona leaders and the Arizona Bioindustry Association (AZBio). As a matter of fact, creating AZBio was one of the first achievements of the first iteration of the roadmap, and, in its third iteration, a stated objective is to “Enhance the impact of the Arizona Bioindustry Association.” AZBio is more than just an industry association. AZBio’s community of life science champions include over 300 organizations that together employ over 365,000 Arizonans as well as millions of people across the country and around the world. These dedicated people are what makes AZBio unique. The work of AZBio Members has resulted in a life science sector that is garnering national and international attention. AZBio Member Organizations in the fields of business, research and education, health care delivery, economic development, government, patient advocacy, and other professions involved in discovering, developing and delivering health innovations are the key drivers of the growth of Arizona’s life science sector. AZBio serves as the connective tissue and chief advocate for Arizona’s life sciences sector. Raising Awareness: As the unified voice 126
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of the industry in Arizona, AZBio strives to make Arizona a place where bioscience organizations can grow and succeed. AZBio publications reach over 25.000 Arizonans in print and over 100,000 online. The AZBio Magazine, including AZBio’s Member Directory and Public Policy Guide, is a key resource used by AZBio and economic development organizations at key conferences. AZBio’s website (AZBio.org) has over 4,000 pages of stories spotlighting what is happening across the state while AZBio In the Loop newsletters deliver the latest news and events to thousands of people every Monday morning. Policy advocacy: AZBio represents Arizona’s life science at state and national levels, shaping public policy that encourages research investment, protects intellectual property, and ensures patients have timely access to advanced treatments. At the national level, AZBio is actively engaged with the Incubate Coalition, the Baye-Dole Coalition, No Patient Left Behind and serves as an information resource to federal agencies and commissions. Ecosystem connectivity: Through forums like Arizona Bioscience Week, educational programs, and industry networking, AZBio fosters cross-sector collaboration among researchers, university technology transfer offices, and private enterprises. Talent pipelines and connection: Initiatives like Arizona Bioscience Week (AZBW), the Student Discovery Zone, and AZBioPEERS connect students, founders, and industry executives to keep local talent within the state. Starting in 2026,
employees of AZBio Member Companies, and their dependents, are eligible for 15% scholarships to ASU Online, providing access to over 400 career building degrees and graduate certificates. At the national level, AZBio is a founding member of the Life Sciences Workforce Collaborative, providing access to workforce best practices from across the country. Operational savings: Through group purchasing initiatives like BIO Business Solutions, AZBio enables its members to aggregate buying power for lab supplies and services, conserving vital R&D capital. Over the last decade, these savings totaled over $40 million. Capital access and investment: Developing early-stage capital is essential for health innovation. Through initiatives like AZAdvances and advocating for the Arizona Health Innovation Trust Fund, AZBio works to close early-stage funding gaps, ensuring Arizona-born medical inventions don’t relocate as they seek the investments they need to succeed. Looking ahead AZBio and its partners have set an ambitious target: doubling the economic impact of Arizona’s health innovation sector by 2033 while expanding workforce capacity to over 72,000 jobs. By continuing to bridge the gap between discovery and delivery, AZBio is building a resilient, high-wage economy and delivering health solutions that improve quality of life across Arizona.
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Get connected with Arizona’s life science community
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rizona’s life science sector is rapidly expanding into one of the nation’s premier hubs for medical discovery, therapeutic innovation and healthcare technology. This fall, industry leaders, investors, researchers and policymakers will gather for Arizona Bioscience Week 2026 (AZBW 2026), presented by the Arizona Bioindustry Association (AZBio) and the Arizona Commerce Authority. Scheduled for October 5–9, 2026, the week-long series showcases Arizona’s flourishing bioindustry ecosystem spanning diagnostics, pharmaceuticals, medical devices and health IT. A week of connection and capital AZBW 2026 kicks off on Monday, October 5, with Leading Women: Biotech & Beyond at 850 PBC on the Phoenix Bioscience Core, celebrating female executives and founders driving transformation across the life science sector. Concurrently, running through October 7, the Cell & Gene Meeting on the Mesa at the Arizona Biltmore brings together global decision-makers to tackle commercialization hurdles and advance innovative cell and gene therapies. Midweek transitions focus on translating bench science into commercial applications. On Tuesday, October 6, the 7th Annual Drug Discovery and Development Summit,
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curated by the Arizona Center for Drug Discovery, highlights translational research from bench to bedside. The summit places special emphasis on cancer therapies and private-public partnerships designed to accelerate clinical trials and bring local inventions to market. On Wednesday, October 7, the ecosystem gathers at the Phoenix Convention Center for the marquee event of the week: the 23rd Annual AZBio Awards. The gala honors top educators, visionary researchers, community leaders and groundbreaking companies that are improving lives in Arizona and around the globe. The AZBio Awards also include a perennial favorite, the Student Discovery Zone, presented by AZAdvances and Barrow Neurological Institute. Here, you will meet Arizona high school and university students as they present their research and compete for scholarships.
bringing life-changing products to market possible. Grounded in patient impact AZBW 2026 concludes on Friday, October 9, at the historic Virginia G. Piper Auditorium with Voice of the Patient. The event features patients sharing their personal stories, reminding executives and researchers why they innovate: to deliver better outcomes for patients and families.
Inspiring the next generation Throughout the week, classrooms across Arizona will showcase bioscience career opportunities with online videos produced by the Office of the Maricopa County School Superintendent. Exploring Pathways to Bioscience & Health Careers is a multiyear career development initiative for junior high and high school students. In addition to streaming content, the program includes lesson plans for educators and Capital meets innovation access to other online resources. Attracting venture capital to the AZBW 2026 provides an opportunity Southwest remains a core mission of AZBio. for Arizonans and visitors to connect and On Thursday, October 8, the White Hat engage with this exciting industry sector Life Science Investor Conference connects and meet the people who are working to regional biotech and medtech startups make life better for all of us. with investors from across North America. For more information about Arizona White Hat serves as a critical bridge for Bioscience Week and the individual events early-stage companies seeking venture where you can connect, visit visit azbio.org/ capital and seed funding that makes azbw2026.
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DELIVERING ON THE PROMISE How Arizona’s investments in life sciences benefit every resident
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or years, state policy leaders, academic research institutions, nonprofits and private industry stakeholders pitched a bold vision: transform Arizona from a desert landscape into a premier national hub for healthcare innovation. Today, that long-term strategic bet is paying off in dividends. What began as visionary planning—guided by initiatives like the Arizona Bioscience Roadmap—has matured into a high-powered economic engine. The state’s life sciences and health innovation sector now generates more than $43.64 billion in total economic impact annually. But beyond impressive macro statistics, the expanding bioscience footprint delivers tangible, everyday benefits to Arizonans across the state. High-wage job creation and workforce growth The life sciences ecosystem generates high-quality employment. Arizona’s bioscience sector (not including hospitals) now employs more than 40,000 professionals across thousands of business establishments. These are not ordinary jobs — the average annual wage is more than double the state’s private-sector average. From clinical laboratory technicians and bioengineers to clinical research coordinators, these positions create career pathways for graduates from Arizona State University, the University of Arizona and Northern Arizona University, keeping top homegrown talent right here in Arizona.
surgical implants that improve mobility or help your body function and devices that deliver essential medicines. Arizona companies have created screening tests and diagnostics that help people better understand their health and help healthcare professionals develop better treatment paths when they are needed. Want to improve your health or improve your experience at the hospital or doctor’s office? Arizona HealthTech companies are delivering those solutions, too.
Looking ahead The momentum shows no sign of slowing. As major capital developments progress—such as ASU Health’s expansion in Phoenix and new translational medicine facilities statewide—Arizona is proving that deliberate public-private partnerships deliver far more than high-tech prestige. They build healthier citizens, resilient local Stronger communities and infrastructure economies and a prosperous future for the The impact of Arizona’s life sciences industry reaches well beyond research facilities. Grand Canyon State. Higher wage scales and corporate capital investments expand state and local tax bases. The annual AZBio Awards celebrate Every dollar generated by health innovation circulates through local commerce— leaders from across the state of Arizona supporting small businesses, housing markets and service industries. Tax revenues generated by sector growth help fund public education, public safety and transportation and illustrate the depth and breadth of our life sciences industry. infrastructure without placing the burden solely on taxpayers. Nominations from across the state are made for the people and companies who World-class healthcare and access to clinical trials inspire them based on the award category For Arizona families, a thriving life sciences sector directly translates into better, descriptions. Nominations are scored by faster care, along with more places to get it. Arizona now ranks 8th nationally in clinical trials. This means local patients may gain early access to next-generation medical devices independent judges to determine who is and medicines, targeted cell therapies and advanced precision diagnostics before they are honored. No employee of AZBio serves as a judge. widely available nationwide. The following pages share the stories of the 2026 AZBio Awards honorees. Life-changing and life-saving products made in Arizona On October 7, 2026, they will step into Arizonans are not just discovering and developing health innovations. We make the spotlight at the Phoenix Convention them and deliver them to improve the lives of people across the state and around the Center for well-earned recognition. world. Arizona companies make medicines that help us stay healthy or treat illnesses. Local medical device manufacturers are delivering solutions that help people living Learn more at AZBioAwards.com. with cardiovascular disease, neurological diseases, diabetes and more. They make 130
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Today's Clinical Trials. Tomorrow's Cancer Breakthroughs.
Innovation starts with research. At Ironwood Cancer & Research Centers, clinical trials play a vital role in developing new therapies and improving patient outcomes. Together, we're helping shape the future of cancer care.
480-821-2838
www.Ironwoodcrc.com
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AZBio Pioneer Award for Lifetime Achievement
Dr. Parvinderjit Singh Khanuja
Transforming cancer care
through compassion
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ou have cancer’ may be one of the scariest phrases a person can hear. The recipient of the 2026 AZBio Pioneer Award for Lifetime Achievement has spent his career helping patients navigate their cancer journey. Dr. Parvinderjit Singh Khanuja is an esteemed medical oncologist, author and cultural philanthropist. He is best known as the founder of Ironwood Cancer & Research Centers in the Phoenix metro area. Through his devotion to medicine, historical preservation and the Sikh principle of seva (selfless service), he has made an indelible mark on healthcare and public education. Born in India in 1959, Dr. Khanuja was profoundly influenced by his father, a refugee of the India Partition and an ophthalmologist whose dedication to healing instilled in him a deep sense of compassion. Driven by a desire to help others, Dr. Khanuja earned his medical degree from Christian Medical College in Ludhiana, India. He subsequently immigrated to the United States, completing his fellowship at the Wayne State University School of Medicine in Detroit, where he distinguished himself as a Chief Fellow. Seeking to make advanced cancer care accessible to local communities, Dr. Khanuja moved to Arizona, where he founded Ironwood Cancer & Research Centers. Under his leadership, it has grown into one of the largest comprehensive private oncology practices in the Southwest, employing over 100 providers who deliver holistic, patient-centered care. His commitment to medical excellence and compassionate care has earned him widespread acclaim, as well as the appreciation of patients and their families. Beyond his clinical practice, he has served on the board of directors of Select Medical, a national healthcare company, for the past six years and was recognized by the Phoenix Business Journal as one of the Most Admired Leaders in 2020 and as a Top Doc by Phoenix Magazine. 132
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Dr. Khanuja’s life is defined by a passion for preserving and sharing his cultural heritage. Rooted in the Sikh concept of seva, he sought to build bridges of understanding between the Sikh community and the broader American public. His journey into philanthropy began modestly after he acquired several historical Sikh coins, which eventually sparked a passionate, 20-year endeavor to collect rare artifacts. His extensive private collection—which includes traditional phulkari textiles, weaponry, scriptural manuscripts and coinage— serves as a tangible record of Punjabiyat and Sikh history. In 2017, this dedication culminated in the establishment of the Khanuja Sikh Art Gallery at the Phoenix Art Museum. As only the second permanent Sikh art gallery in the United States, the space welcomes thousands of visitors annually, transforming his private passion into an invaluable community educational resource. Dr. Khanuja further amplified his educational efforts by coauthoring the award-winning book Splendors of Punjab Heritage: Art from the Khanuja Family Collection (2022) in conjunction with the Smithsonian Institution. He also serves as a board member for the Five Rivers Foundation, which focuses on social causes, provides scholarships to Sikh students and supports organizations that preserve Sikh history. Dr. Khanuja’s life embodies a unique intersection of oncology and cultural stewardship. Whether he is fighting cancer in the examination room, developing innovations in care delivery or curating artifacts that celebrate the history of his people, he continues to profoundly elevate the human spirit. Ironwood Cancer & Research Centers is the largest multispecialty private oncology network in the Greater Metro Phoenix area. Founded in 1993, the institution has evolved from a humble solo medical practice into a healthcare powerhouse. Driven by the foundational philosophy of Academic Cancer Care in a Community Setting®, Ironwood has revolutionized how oncology
IMPACT PLAYER: Dr. Parvinderjit Singh Khanuja is a pioneering medical oncologist, philanthropist and founder of Ironwood Cancer & Research Centers whose career has transformed cancer care while advancing compassion, culture and community service. (Provided photo)
is delivered in the Southwest. Cancer patients often face significant burdens when traveling long distances to major academic medical centers for treatment. Starting with a solo practice in Chandler, Arizona, and branching out to now encompass 14 total locations across the Greater Phoenix area, which include six comprehensive cancer centers, he and his team created a centralized environment where patients could receive comprehensive, cutting-edge cancer therapies right in their own neighborhoods, avoiding the stress of having to make appointments in multiple locations with different healthcare professionals or travel far from their homes and support systems. Throughout its history, Ironwood’s expansion has been characterized by strategic, patient-centric growth. Rather than corporate acquisition, the network expanded organically by merging with highly respected, independent oncology groups across the Valley. These collaborations allowed Ironwood to consolidate resources, bring diverse medical expertise under one banner and scale up its clinical offerings rapidly. A defining milestone in the organization’s evolution was the transition from localized clinics to fully comprehensive cancer centers. This allowed Ironwood to pioneer a “one-roof” multidisciplinary care model. Under this operational design, patients gained immediate access to Medical Oncology, Radiation Oncology, advanced diagnostic PET/CT imaging, chemotherapy and immunotherapy in a single visit. This minimized administrative delays and fostered daily face-to-face collaboration among treating physicians. As the practice matured into the 21st century, Ironwood aggressively expanded into specialized fields and scientific investigation. Ironwood also established a highly active, dedicated clinical research department. By bringing global clinical trials directly to Phoenix suburbs, patients were granted access to pioneering, pre-market therapeutics. Ironwood also launched
a specialized Women’s Oncology program and implemented a robust Integrative Services division, providing holistic counseling, nutritional advice and support groups alongside conventional medical interventions. Ironwood’s rapid growth has culminated in a vast medical infrastructure. The network has expanded to 15 Valley locations, which feature six fully equipped comprehensive cancer centers— including its massive flagship medical hub in Goodyear, Arizona. Today, Ironwood employs an expansive network of over 100 medical providers and a supportive staff of more than 700 professionals. Collectively, they manage the care of over 85,000 unique patients annually. Ironwood Cancer & Research Centers runs an active, expanding clinical research program that bridges the gap between community medicine and cutting-edge academic therapeutics. By participating heavily in global clinical trials, the network provides patients across the Phoenix metro area with direct access to pioneering, premarket oncology treatments right in their neighborhoods. Over three decades since it was founded by Dr. Parvinderjit Singh Khanuja, Ironwood Cancer & Research Centers exemplifies an unyielding dedication to its founding core mission: delivering medical excellence through profound human kindness.
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ARIZONA BIOINDUSTRY ASSOCIATION Arizona Bioscience Company of the Year
TD2 Oncology
Transforming global oncology from the heart of Arizona
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n the relentless fight against cancer, TD2 Oncology is making a profound impact on global health and innovation. Founded in 2003, as a division of the Translational Genomics Research Institute (TGen), TD2 has evolved from a specialized preclinical provider into a comprehensive, global, and fully integrated precision oncology Contract Research Organization (CRO). Through strategic acquisitions, technological innovation, and an unwavering commitment to accelerating breakthrough therapies, TD2 stands as a transformative leader in the life sciences. CROs play an important role in the development of new treatments and cures by accelerating drug development, optimizing clinical trial execution, and ensuring regulatory compliance. A central pillar of TD2’s leadership is its enduring contribution to Arizona’s bioscience ecosystem. Employing a large team of hundreds of professionals, TD2 serves as a vital economic engine for the state, offering high-caliber career opportunities for PhD-level oncology researchers and anchoring world-class scientific talent in Arizona. Since its acquisition by Research Corporation
Technologies (RCT) in 2020, TD2 has leveraged institutional backing to accelerate its operational scale, solidifying Arizona’s reputation as a hub for translational medicine and clinical research excellence. At the core of TD2’s global influence is its fully integrated precision oncology platform. Bridging the traditionally disjointed gap between discovery and human trials, TD2 offers a seamless end-to-end ecosystem that combines preclinical modeling, regulatory strategy, and clinical trial execution under one roof. Its sophisticated preclinical services— including cell line-derived xenografts (CDX), patient-derived xenografts (PDX), immuno-oncology models and advanced cellular therapies —provide the foundation for complex early-phase clinical trials. Furthermore, TD2 operates at the vanguard of modern cancer therapeutics. The company has deepened its specialized capabilities in high-growth areas, including antibody-drug conjugates (ADCs), targeted radiopharmaceuticals (strengthened through a strategic partnership with CuradhMTR and Minerva Imaging), and advanced in vivo CAR therapies To support these state-of-the-art
WINNING TEAM: Jenny Keppler, VP translational medicine; Tara Franks, chief operating officer; Stephen Gately, CEO; Chris Clark, chief financial officer (in the rear); Bill Donovan, chief commercial officer. Missing from the photo are Paul Gonzales, senior VP nonclinical operations; Ashley Hunter, VP clinical operations. (Provided photo) 134
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modalities, TD2 acquired Flow Contract Site Laboratory (FCSL) in 2024, expanding its flow cytometry expertise to support immuno-oncology and advanced cellular therapy trials. TD2’s recent momentum includes a global reach. In 2024, the company officially expanded its footprint into Western Europe, delivering comprehensive clinical management to international clients while maintaining its operational headquarters in Arizona. TD2 benefits from frequent meetings with world-class oncology experts through its Oncology Therapeutics Innovation and Strategy (OTIS) Council. These experts’ position TD2 to remain at the forefront of innovation in oncology medicines and clinical trial design, while aligning their expertise with the future of precision medicine. Over the past two decades, TD2 has conducted hundreds of preclinical and clinical studies, establishing itself as an early leader in novel trial designs for difficult-totreat malignancies such as pancreatic cancer. This work generated critical preclinical data that advanced into clinical trials and ultimately supported the approval of new medicines for patients with cancer. By uniting steady economic growth in Arizona with groundbreaking advancements in oncology research, TD2 has meaningfully transformed how lifesaving cancer treatments move from the laboratory to patients worldwide, making it uniquely deserving of the 2026 Arizona Bioscience Company of the Year Award.
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ARIZONA BIOINDUSTRY ASSOCIATION Jon W. McGarity Arizona Bioscience Leader of the Year
Kate Gallego
Phoenix rises as the nation’s premier bioscience powerhouse
U
nder the visionary leadership of Mayor Kate Gallego, Phoenix has transformed into one of the nation’s fastestrising bioscience hubs. By seamlessly pairing long-term infrastructure investment with forward-thinking economic development strategies, talent cultivation, and dynamic publicprivate partnerships, Gallego has redefined the city’s economic landscape. In her vision, bioscience is far more than a healthcare initiative — it is a foundational pillar of Phoenix’s future economy, standing proudly alongside semiconductors, engineering, and advanced manufacturing. A defining milestone in this transformation came in 2026 when Mayor Gallego and the Phoenix City Council approved a historic $50 million investment in ASU Health at the Phoenix Bioscience Core (PBC). Marking the largest direct bioscience investment in the city’s history, the package cleverly combined voter-approved bond funding with an additional commitment from the newly renamed Sports Facilities, Biosciences, and Tourism Fund. Expanding the traditional sports and tourism fund to explicitly encompass bioscience signaled a monumental policy shift: Phoenix now officially recognizes life sciences as a primary economic engine capable of generating high-paying jobs, cutting-edge innovation, global investment, and high-value economic activity. Addressing business and community leaders during her annual State of the City address downtown, Mayor Gallego highlighted the extraordinary growth and impact of Arizona’s bioscience sector. She praised the continued expansion of the Phoenix Bioscience Core with ASU Health — which includes a new medical school — alongside the $1.9 billion planned transformation at Mayo Clinic and the celebration of the first graduating class from the Midtown campus of the Creighton University School of Medicine. Phoenix is an international leader in precision medicine and a pioneer in translational research, supported by four premier biotech hubs spanning 30 to 200 acres. As the fifth largest and one of the fastest-growing cities in the U.S., it ranks among the top 20 life science markets and is the No. 1 large city for startups and advanced manufacturing growth. Phoenix fosters a collaborative, bio innovation-driven community committed to driving translational discovery to deliver a healthier future for all. Its rapid life science expansion is powered by strong partnerships with leading research institutes, top-ranked hospitals and universities, federal research institutions, and global biopharma companies. Phoenix is where ideas are nurtured, innovation is celebrated and new explorers are welcomed.
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IMPACT PLAYER: Kate Gallego, mayor of Phoenix since 2019, has helped position the city as a national hub for semiconductors, bioscience and advanced manufacturing while championing infrastructure, sustainability and high-wage job creation. (Photo provided by the City of Phoenix)
“Investments in the biosciences are bearing fruit ... and it’s no time to rest,” Gallego declared during her 2026 State of the City address. “Phoenix is committed to advancing medicine and improving healthcare outcomes for all Arizonans ... whether you live in Phoenix, Flagstaff, or the Navajo Nation.” With more than 8.5 million square feet of bioscience and healthcare facilities currently under development or in the pipeline, the momentum is undeniable. The decision to rebrand the district as a “bioscience core”—roughly bounded from Van Buren to Polk and 4th Street to 7th Street—reflects the evolution of the industry. While early 2000s efforts focused strictly on biomedicine and medical schools, today’s landscape encompasses implantable and wearable technologies, soft-edge urban integration, and collaborative academic hubs featuring the University of Arizona, Arizona State University and Northern Arizona University. Today, Phoenix leads the country in life science job growth and university spinoffs. Local startups are driving breakthroughs ranging from cutting-edge mRNA technology to early-stage cancer diagnostics. As international companies flock to Phoenix seeking a strategic foothold in the North American market, the city’s message is clear: Phoenix is no longer just building a medical hub — it is building the future of global medicine.
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ARIZONA BIOINDUSTRY ASSOCIATION 2026 Arizona Bioscience Researcher of the Year
Dr. Sunil Sharma
Transforming research breakthroughs into life-saving therapies
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n the fast-moving world of biomedical science, the distance between discovering a biological mechanism in a laboratory and delivering a working treatment to a patient’s bedside can take decades. Closing that gap requires a rare combination of clinical expertise, scientific insight and entrepreneurial drive. That rare combination defines Dr. Sunil Sharma and is why he is the 2026 Arizona Bioscience Researcher of the Year. Recognized for his outstanding contributions to biological research and drug discovery, Dr. Sharma exemplifies what it means to push the frontiers of modern medicine. As Chief of Translational Research and Drug Discovery and Director of the Center for Translational Science at the HonorHealth Research Institute — as well as an ASU research professor at the John Shufeldt School of Medicine and Medical Engineering — Dr. Sharma has built a career around translating bench science into real-world patient outcomes. A career built on scientific impact Dr. Sharma’s trajectory reflects a persistent commitment to high-impact science. Holding both an M.D. from the University of Delhi and an MBA from the University of Massachusetts Amherst, he brings a unique balance of rigorous medical training and strategic vision to his endeavors. His professional path spans leadership roles at premier research institutions across the country: Memorial Sloan Kettering Cancer Center: Directed clinical care and trial strategies in gastrointestinal oncology. Huntsman Cancer Institute: Served as Deputy Director and Chief of Medical Oncology, spearheading major experimental therapeutics initiatives. TGen (Translational Genomics Research Institute): Served as Deputy Director of Clinical Sciences and Physician-In-Chief in Phoenix, anchoring his deep ties to Arizona’s growing bioscience ecosystem. Beyond academia, Dr. Sharma has directly shaped global healthcare by contributing to the development of landmark therapies during his tenure in pharmaceutical leadership. His work supported the development of breakthrough immunotherapies—including pembrolizumab (Keytruda) and nivolumab (Opdivo)—which train the human immune system to target and eliminate cancer cells, as well as targeted therapies like ceritinib for lung cancer.
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GROUNDBREAKER: Dr. Sunil Sharma has built a career around translating bench science into real-world patient outcomes. (Provided photo)
From bench to bedside in Arizona Today, holding the Virginia G. Piper Distinguished Chair in Innovative Cancer Research, Dr. Sharma leads multidisciplinary teams targeting some of the most challenging conditions in medicine. While his initial specialty centered on gastrointestinal malignancies such as colon and pancreatic cancers, his current portfolio addresses a broad spectrum of human health: Next-generation immunotherapies: Engineering tumorinfiltrating lymphocytes (TILs) and multi-targeted CAR-T therapies to combat advanced solid tumors. Small molecule drug discovery: Developing targeted inhibitors, including novel ENPP1 and CDK7 candidates. Neurodegenerative disease: Applying CRISPR technology and novel molecular targets to enhance treatments for Alzheimer’s disease and memory performance. To ensure his lab’s discoveries reach clinical reality, Dr. Sharma has co-founded several biotechnology ventures, including Iterion Therapeutics, Stingray Therapeutics, Salarius Pharmaceuticals, Black Canyon Bio and Bonneville Bio. By uniting academic research, industry collaboration and clinical execution, Dr. Sunil Sharma is not only advancing our fundamental understanding of biological processes—he is actively changing what is possible for patients in Arizona and around the world.
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ARIZONA BIOINDUSTRY ASSOCIATION 2026 Michael A. Cusanovich Arizona Bioscience Educator of the Year
Dr. Vignesh Subbian
Building tomorrow’s bioscience talent today
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rue leadership in bioscience education requires building accessible, sustainable pathways that empower students to discover, innovate, and thrive. For over a decade, Dr. Vignesh Subbian has exemplified transformative leadership in research education and training, creating programs and pathways that have opened doors for students across Arizona and beyond. Through his dedicated work at the BIO5 Institute and his shared academic home in biomedical engineering and systems and industrial engineering at the University of Arizona, Dr. Subbian has championed a bold vision that early, active engagement in research is one of the most powerful drivers of student success in biosciences. Dr. Subbian’s career-defining contribution lies in his meticulous design of a longitudinal research and mentorship continuum that spans from high school to postdoctoral training. As former Associate Director and now Interim Director of the BIO5 Institute, he has been an ardent advocate for the Keep Engaging Youth in Science (KEYS) high school research internship. Recognizing KEYS as a vital entry point into research careers, Dr. Subbian worked tirelessly to elevate its regional impact. Under his guidance, the program has continued to integrate evidence-based practices that support students’ growth and strengthen their identity as scientists, and secured funding to provide free on-campus housing for 14 students in 2026, broadening participation to students from more geographically diverse regions in Arizona. To sustain this momentum, Dr. Subbian introduced a renewed strategic vision at BIO5. In addition to strengthening the role of philanthropic support for educational programs, he is establishing a new graduate fellowship program designed to build capacity for research across disciplinary boundaries in the biosciences. These graduate fellows will receive tailored professional development while serving as near-peer mentors for KEYS interns and undergraduates, creating a rich, multi-level support ecosystem that complements BIO5’s existing postdoctoral fellowship program. In addition to his work at BIO5, Dr. Subbian’s entrepreneurial approach to talent development has established three additional vital training initiatives across the university: • SABER (Strengthening Arizona’s Biomedical Engineering Research Workforce): Funded by the National Institute of Biomedical Imaging and Bioengineering, this program provides first- and second-year undergraduates with mentorship and paid research positions, giving students early exposure and continuity
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MAKING THE GRADE: Dr. Vignesh Subbian has exemplified transformative leadership in research education and training, creating programs and pathways that have opened doors for students across Arizona and beyond. (Provided photo)
in the research process and ensuring their long-term success in the biosciences. • PHIRE (Place-based Health Informatics Research Education): Conceived during the pandemic and funded by the National Library of Medicine, PHIRE provides mentorship and place-based research training, connecting students to health challenges that relate to the broader Southwest region and their own communities and interests. • eCAMINOS (engineering pathways): Supported by the National Science Foundation, this program provides need-based scholarships and mentorship to engineering students at the University of Arizona’s Tucson and Yuma campuses, helping them recognize their unique strengths and life experiences as assets for success in their careers, Through this interconnected matrix of programs, including KEYS, SABER, PHIRE, eCAMINOS, and mentored fellowships, Dr. Subbian continues to demystify scientific research for hundreds of learners. He has not only created a complete ecosystem for tomorrow’s bioscience workforce but has also instilled a culture of inclusive mentorship across Arizona. For his creative vision, unwavering advocacy, and extraordinary dedication to inspiring the next generation of scientists, Dr. Subbian is the 2026 Michael A. Cusanovich Arizona Bioscience Educator of the Year.
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ARIZONA BIOINDUSTRY ASSOCIATION 2026 AZBio Fast Lane Honoree
Bright Path
Bright Path is transforming America’s access to essential medicines
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or years, the U.S. healthcare system has suffered from critical drug shortages, with roughly 250 lifesaving medications routinely unavailable for clinicians and patients. Because nearly 80% of active pharmaceutical ingredients (APIs) and key starting materials are manufactured overseas, domestic health systems remain deeply vulnerable to global supply disruption, geopolitical tension, and logistical bottlenecks. Bright Path is confronting this crisis head-on, pioneering an onshore, agile, and sustainable model for domestic pharmaceutical manufacturing. At the heart of Bright Path’s platform is a radical departure from traditional, waste-heavy batch manufacturing. Utilizing a continuous flow architecture anchored by its patented Spinning-Tube-in-Tube (STT) Reactor™, Bright Path produces high-purity small molecules rapidly, reliably, and at significantly lower costs. Coupled with advanced machine-learning algorithms, real-time sensor integration, and automated batch reporting, the platform optimizes chemical reactions while strictly maintaining United States Pharmacopeia (USP) quality standards. Moreover, Bright Path’s commitment to Green Chemistry eliminates extraneous reaction steps, reduces hazardous solvent consumption, and significantly minimizes process waste, inaugurating a cleaner, faster era of drug synthesis. Bright Path’s rapid progress from 2024 through 2026 demonstrates the transformative power of this approach. Awarded a multi-million contract by DARPA’s Equip-A-Pharma program —
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and selected for the prestigious DARPA Embedded Entrepreneur Initiative—Bright Path set out to deliver decentralized, on-demand medicine manufacturing. Achieving its Phase I and Phase II milestones ahead of schedule, the company established operations in Arizona, opening a state-of-the-art facility at Falcon Field in Mesa, Arizona. Within just twelve months (May 2025 – February 2026), Bright Path executed full end-to-end production of two vital injectable drugs: the essential local anesthetic Lidocaine HCl and the essential oncology drug Carboplatin. Operating an integrated mobile cleanroom paired with robotic filling systems, Bright Path generated complete stability analytics and submitted two Abbreviated New Drug Applications (ANDAs) directly to the FDA. That momentum was capped in August 2026, when the U.S. Food and Drug Administration granted Bright Path an Advanced Manufacturing Technology (AMT) Designation for its continuous manufacturing platform. Created by Congress to accelerate manufacturing technologies that strengthen the supply of life-supporting and shortage-listed medicines, the designation is reserved for genuinely novel technology — and it is FDA’s own formal recognition that Bright Path’s platform substantially improves how
essential medicines are made. To public knowledge, Bright Path is the first smallmolecule manufacturer ever to receive it. For a U.S. manufacturer that designs, builds, and codes its own pharmaceutical manufacturing system, a direct working relationship with the agency is the foundation for bringing additional essential medicines onto the platform in the years ahead. Addressing a different type of shortage In addition to addressing critical shortages to traditional essential medicines, Bright Path Laboratories is committed to developing and delivering new medicines that serve the needs of the Rare and Orphan Disease Community. A disease is classified as “rare” when it affects a small population – fewer than 200,000 people. Rare and orphan diseases impact over 30 million people across 7,000 distinct conditions—half of them affecting children — yet 95% of these diseases still lack an FDA-approved treatment. Bright Path’s advanced, continuous flow technology provides the ability to rapidly develop drugs and manufacture small batch pharmaceuticals, which succinctly fit the protocols for many rare and orphan medicines. Bright Path is committed to working with patient communities, researchers, and physicians to discover new ways to improve people’s lives by pursuing areas of drug development and small-batch, API manufacturing of rare and orphan drugs because no patient should ever be left behind because they’ve been diagnosed with a rare disease.
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ARIZONA BIOINDUSTRY ASSOCIATION 2026 AZBio Fast Lane Honoree
Picard Medical and SynCardia Systems LLC
A vital lifeline to patients facing end-stage biventricular heart failure
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or millions of people worldwide, cardiac health is something taken for granted—a steady, rhythmic beat keeping life in motion. But for patients diagnosed with advanced biventricular heart failure, that rhythm slows to a dangerous point. When both the left and right ventricles can no longer pump enough blood to sustain vital organs, the threat of imminent death becomes an immediate reality. In these critical moments, modern medical technology steps in with a groundbreaking solution: the SynCardia Total Artificial Heart (STAH). Beyond partial support When heart failure affects only one side of the heart—most commonly the left—doctors often rely on partial-support devices like Left Ventricular Assist Devices (LVADs) to assist the failing chamber. However, when end-stage heart failure devastates both sides of the organ, partialsupport measures are simply not enough. The SynCardia Total Artificial Heart takes a fundamentally different, definitive approach. Surgeons remove the patient’s damaged left and right ventricles, along with the four native heart valves. Then the STAH is attached directly to the remaining upper chambers (atria) and major arteries, taking over the job of pumping oxygenrich blood throughout the entire body. By instantly restoring full cardiac output, vital organs like the kidneys, liver, and brain receive the necessary blood flow to recover from severe failure. Powered by pneumatic technology, the FDA approved SynCardia Total Artificial Heart uses an external Freedom Driver® that delivers regulated air pulses to propel blood through synthetic mechanical valves, accurately replicating the natural heartbeat.
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A lifesaving bridge to transplant While the ultimate goal for patients with end-stage biventricular failure remains a biological heart transplant, organ donor shortages mean wait times can stretch into months or even years. Without intervention, many transplant-eligible patients would not survive the wait. The SynCardia TAH serves as a clinically proven bridge to transplant. By stepping in to handle the heavy lifting, the device stabilizes critically ill patients, allowing them to rebuild physical strength, regain organ function, and safely wait for a matching donor heart to become available. Portable driver technology has even made it possible for many patients to leave the hospital and return home while awaiting a transplant, restoring a level of freedom and quality of life that previously seemed out of reach. Emperor: The Next Generation Total Artificial Heart In March 2024, SynCardia was granted its first patent covering the Emperor next-generation fully implantable total artificial heart. With this new innovation, the Emperor TAH operates without the need for an external pump and is designed to provide even greater freedom for the patient. Just over 18 months later, the Tucson engineering and clinical team completed the first in vivo implantations of the
Emperor in three preclinical models, each providing full and stable blood circulation with no technical issues — a remarkable velocity for a Class III cardiac device program. In 2026, the Emperor platform now carries 34 allowed and issued U.S. patent claims with protection extending into China. Meanwhile, SynCardia’s commercially approved device continued to set global benchmarks: in December 2025, a patient surpassed 2,900 days of continuous support, the longest ever recorded on an artificial heart, and in April 2026 Banner Health announced more than 50 SynCardia implantations — more than any center worldwide since 2022. All from Tucson, Arizona. Fueling the future from Tucson Picard Medical cemented its financial foundation in September 2025 by completing a successful initial public offering on the NYSE American under the ticker PMI. This landmark IPO propelled the Tucson MedTech manufacturer onto the national capital markets stage, providing the growth capital needed to accelerate production and clinical development. From world-record patient outcomes to cutting-edge IP development, Picard Medical and SynCardia Systems are proving that cardiac technology engineered in Arizona is redefining what is possible for severe heart failure patients around the globe—saving lives, one heart at a time.
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ARIZONA BIOINDUSTRY ASSOCIATION 2026 AZBio Fast Lane Honoree
Precision Epigenomics
DETECTING CANCER BEFORE IT STARTS: How one Arizona startup is transforming precision oncology
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n modern medicine, early cancer detection remains a central goal. Identifying a tumor before symptoms emerge often makes the difference between routine intervention and a terminal diagnosis. Standing at the leading edge of this shift is Precision Epigenomics, a Tucsonbased bioscience startup whose rapid trajectory over the past 18 months is drawing national attention. Through cutting-edge liquid biopsy technology, rigorous laboratory standards and high-impact strategic partnerships, the company is turning complex epigenetic science into life-saving clinical tools. Science meets gold-standard precision At the heart of the company’s diagnostic pipeline is EPISEEK®, an innovative multi-cancer early detection (MCED) blood test. By capturing subtle epigenetic signals from circulating tumor DNA (ctDNA), EPISEEK can detect more than 60 distinct cancer types—including brain cancers—from a single blood draw. To ensure its diagnostic results are as reliable as they are revolutionary, Precision Epigenomics built its laboratory infrastructure from the ground up in Tucson. That commitment to rigor culminated in a major operational milestone: earning accreditation from the College of American Pathologists (CAP). Considered the gold standard 146
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safety health platform. By integrating the EPISEEK test into routine occupational health exams and department-wide mobile clinics, the initiative is actively expanding into fire departments across Texas, Colorado and Georgia. Scalable growth and deep regional roots Translating scientific breakthroughs into widely accessible medicine requires smart commercial execution. Rather than building costly physical infrastructure nationwide, Precision Epigenomics in laboratory quality, CAP accreditation partnered with digital health leader provides clinicians, enterprise health AZOVA Health. This alliance created a systems and regulatory partners with seamless telemedicine framework that absolute confidence in the company’s handles test ordering, logistics and patient diagnostic accuracy. engagement across employer health programs and enterprise networks. On the front lines: Protecting first Despite its expanding national responders footprint, Precision Epigenomics remains While early detection technology firmly rooted in Arizona’s bioscience holds promise for the general public, it is ecosystem. Headquartered in Tucson, urgently needed for high-risk populations. the company collaborates closely with Firefighters and law enforcement personnel local academic institutions—including face chronic exposure to carcinogens on the the University of Arizona, Arizona State job, leading to significantly elevated rates of University and Midwestern University— occupational cancer. and commercialization programs like Tech In partnership with 1582Exam and Launch Arizona and the Flinn Bioscience HeartFit For Duty, Precision Epigenomics Entrepreneurship Program. took immediate action in its home state, By combining scientific rigor with screening hundreds of Arizona firefighters. targeted community outreach, Precision Building on that success, the company Epigenomics is not just growing rapidly— launched an exclusive partnership with Front it is redefining how early cancer detection Line Mobile Health, a veteran-owned public is delivered across the nation.
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ARIZONA BIOINDUSTRY ASSOCIATION 2026 AZBio Public Service Award
Senator Lela Alston
Honoring a legacy
Senator Lela Alston and the transformation of Arizona’s bioscience landscape
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hen discussing the architects of Arizona’s booming innovation economy, state lawmakers and bioscience pioneers alike point to a common champion: Senator Lela Alston. Recognized with the prestigious AZBio Public Service Award, Senator Alston has spent decades in public office laying the institutional, educational, and legislative groundwork that turned central Phoenix into a nationally recognized epicenter for life sciences and medical discovery. The AZBio Public Service Award honors an elected or appointed leader whose vision and leadership have contributed most significantly to enhancing Arizona’s business climate for bioscience companies. For Senator Alston, this recognition reflects over three decades of steadfast advocacy at the state and municipal levels. A career dedicated to public service and progress A native Arizonan educated entirely within the state’s public education system—from kindergarten to graduate school—Alston’s devotion to her home state is legendary. First elected to the Arizona State Senate in 1976, she served continuously through 1995 before returning to public service on the Phoenix Union High School District Governing Board in 2008. She was later elected to the Arizona House of Representatives in 2010 and returned to the Senate in 2018. As she marks her 36th and final year in the Arizona State Legislature, Alston’s legislative footprint spans key leadership roles on the Appropriations, Commerce, Education, and Rules committees. Yet, her
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in the early planning of the ASU West Campus, expanding higher education pathways across the Valley. • Community health initiatives: Spearheaded the creation of Metro Tech High School’s licensed primary care facility in partnership with Banner Health Care, delivering free healthcare to students and local families. • Economic development: Fostered a business environment that attracts top biomedical talent, research grants, and life science enterprises to central Phoenix. Passion, legacy and life beyond the Capitol Beyond her work in bioscience and is Arizona’s longest-serving legislator, economic growth, Senator Alston spent whose decades of public service have 34 years as a classroom teacher and made her an influential champion for remains a fierce protector of public schools, public education, children, families and reproductive healthcare, aging Arizonans, and vulnerable communities. (Provided photo) under-represented communities. Her decades of service have earned her widespread accolades, including the O’Connor Institute Statesman of the Year Award and the naming legacy is particularly defined by her early and persistent vision for central Phoenix as of Lela Alston Elementary School in the Isaac School District. a hub of scientific innovation. Even with a demanding legislative schedule, Alston finds joy in her deep Anchoring the Phoenix bioscience hubs local roots. A proud mother of two and Senator Alston’s legislative district grandmother of six, she spends her spare encompasses two of Arizona’s vital time restoring her 1913 Normandy Revival innovation engines: the Phoenix Bioscience Core (PBC) and the Phoenix Medical Quarter. historic home in downtown Phoenix and taking out her beloved 1956 pink Long before multi-million-dollar research Thunderbird convertible. facilities and biomedical startups dotted As she completes her final legislative the downtown skyline, Alston championed session, Senator Lela Alston leaves behind investments in higher education, clinical a transformed economic landscape — one partnerships, and urban infrastructure. where world-class bioscience research Her contributions bridge education and thrives alongside a stronger, healthier healthcare seamlessly: Arizona community. • Academic innovation: Instrumental
LEADING THE WAY: Senator Lela Alston
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Innovation
without boundaries T
he University of Arizona BIO5 Institute, a leader in collaborative bioscience research, celebrates its 25th anniversary in 2026 with celebrations throughout the year. Since its founding, the institute has brought together a dynamic network of some of the brightest minds in bioscience at the University of Arizona to work together on bold solutions for evolving disease, nutrition, food safety, health and other biology-based challenges that affect Arizona and the world beyond. BIO5 began with a grand challenge — what if there were a hub for collaborative research where scientists from all kinds of disciplines could come together to solve pressing biomedical issues? Through the dedication of former University of Arizona President Peter Likins, the philanthropy of Thomas W. Keating and funding provided by Proposition 301, BIO5 evolved from an idea to a reality. “Twenty-five years ago, the BIO5 Institute was founded on the visionary
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principle that the world’s most complex biological challenges require a radical departure from siloed research. Today, that foresight has matured into a premier hub of convergent science,” said Tomás Díaz de la Rubia, senior vice president for research and partnerships. “As we celebrate this milestone, we recognize BIO5 as a cornerstone of our research enterprise — a place where discovery is translated into the tangible health and environmental solutions that improve lives across Arizona and the global community.” BIO5 was initially a virtual institute but quickly began planning for a physical space, which came to life with the construction of the Thomas W. Keating Bioresearch Building, one of the first spaces of its kind. Built around collaboration, the building features space for labs and offices, but also common areas where researchers from different teams can meet and share ideas. With the addition of the Bioscience Research Laboratories in 2017, the available space expanded and now houses 65 faculty
research labs and nine core facilities. In addition to physical space, BIO5 provides intellectual, organizational and shared research infrastructure that helps faculty members collaborate across disciplines, facilitates team-based projects and offers a framework of support for researchers, their work and the training and public programs organized by the institute. “For a quarter century, BIO5 has been a model for transdisciplinary research and a genuine contributor to improving health for people across Arizona and beyond,” said Vignesh Subbian, interim director of BIO5. “That work happens because of an integrated infrastructure that weaves together collaborative intellect, organizational capacity, students and trainees, faculty investigators, and industry and community partners.” The institute now includes 300+ faculty investigators whose areas of research range from aging and early cancer diagnostics to sustainable mining and plant root architecture. These investigators
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ARIZONA BIOINDUSTRY ASSOCIATION
represent 12+ colleges at the University of Arizona, and all chose to be a part of BIO5 to indicate their dedication to transformational convergent research. In fiscal year 2026, investments into BIO5 resulted in more than $181 million in new grants and gifts to further this work. BIO5 faculty members embrace the idea of translating research into societal impact. Through a close partnership with Tech Launch Arizona that began in 2013, members have formed 63 startups and received over 300 patents, helping bring the research from bench to bedside and to the people who need it most. Looking forward BIO5 has always been at the forefront of shaping the future of bioscience research and talent development, with a keen eye on mentoring the next generation of scientists and bringing expertise together across disciplines. The BIO5 Institute’s Keep Engaging Youth in Science Research Internship (KEYS) offers Arizona high school students the opportunity to spend seven weeks participating in research with faculty and scientists across the University of Arizona. They receive training and mentorship while actively engaging in research projects. KEYS, which celebrated its 20th anniversary this year, now has over 860 alumni from throughout the state, many of whom are actively involved in research, working in STEM fields and pursuing advanced scientific degrees. This year, the program expanded its geographical reach with the return of free on-campus housing, welcoming students from Douglas, Yuma and Holbrook, Arizona. BIO5 also hosts a postdoctoral fellowship, offering support, mentoring and professional development to earlycareer researchers. Since 2019, the program has provided funding and professional development for 54 postdoctoral fellows to launch the next stage of their scientific careers. The program will soon be joined by a graduate fellowship to offer training in and support for transdisciplinary research to doctoral students. This year, BIO5 faculty members have begun coming together across multiple disciplines in new scientific interest
groups (SIGs) to tackle grand challenges by approaching them from different research angles. Initial groups include researchers gathering around ALS, women’s health across the lifespan and bioprinting. BIO5 acts as a sandbox for these interest groups, offering a foundation and infrastructure to support the idea that big problems need collaborative thinking. These first 25 years are only the beginning. In its next quarter century, BIO5 will focus on accelerating discovery, strengthening partnerships, increasing translation and growing its place as a leader in bioscience research and training.
“Looking ahead, our goal is to strengthen our infrastructure in concrete ways: making existing research resources more accessible, investing in new shared technologies and resources that open doors across disciplines, and increasing the visibility of the people who drive the research and training mission,” said Subbian. “The next frontier of biomedical and biological research is being shaped by those who think across disciplinary boundaries, and BIO5 exists to ensure the University of Arizona is at the center of that.” Learn more about the history of BIO5 at: https://bio5.org/milestones.
INNOVATION UNLEASHED: Ross Buchan,
BOUNDARIES BROKEN: 2024 KEYS intern
left, and Kevin Rhine are working together on BIO5’s ALS Scientific Interest Group. Their complementary strengths in RNA biology and aging neuron research will help advance new approaches in studying the disease. (Photo provided by University of Arizona BIO5 Institute)
Sonia Swaroop, left, worked with Teodora Georgieva, director of the GEMM core at the University of Arizona, to develop in vivo and in vitro models for University of Arizona researchers as well as for researchers across the United States and Europe. (Photo provided by University of Arizona BIO5 Institute)
SCIENCE UNITED: Anita Koshy, left, and
DISCOVERY ACCELERATED: Jacob
Chandrasekaran Ambamurthy work together in the Koshy lab. Ambamurthy, a former BIO5 postdoctoral fellow, is now an assistant research scientist working on toxoplasma gondii, a brain parasite. (Photo provided by University of Arizona BIO5 Institute)
Galloway gives a tour of the Plant, Soil, Environment lab as part of the BIO5 Community Tours series. Galloway is an MS/PhD environmental science student working with Alicja Babst-Kostecka. (Photo provided by University of Arizona BIO5 Institute) AB | September - October 2026 153
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The start of an
INCREDIBLE JOURNEY E
very modern medical breakthrough — from targeted oncology therapies to AI-powered diagnostic platforms or life sustaining medical devices begins with an idea. The path that idea travels from a person’s imagination, into the hands of a research team that explores it further, and through a complex legal process to determine if it is truly novel and can be protected from being copied by competitors. Pure abstract ideas, mathematical formulas, laws of nature (e.g., discovering an unedited gene existing in nature), or mere mental processes are not patentable. An idea must meet four core criteria established by patent law. To be patentable, an invention must fall under eligible subject matter, be novel compared to all prior disclosures, prove non-obvious to an expert in the field, and demonstrate clear, practical utility. If these criteria are met, a tech transfer office, company, or independent inventor will work with legal counsel to begin the patent process or determine whether it is best to carefully guard the information as a trade secret. Some trade secrets have been guarded for decades. The most famous trade secret in history is the formula for Coca-Cola,
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internal code-named “7X.” The exact recipe has remained a closely guarded corporate secret for over 130 years. From there the concept enters the development phase where the product or service is prototyped, and manufacturing processes and supply chains are developed for future commercialization. Next the product is tested internally before beginning the multi phased clinical trials process where it is tested for safety and efficacy before it can be submitted and hopefully validated and approved by the applicable regulatory bodies. There is no guarantee that the medicine, medical device, or test will get final regulatory approval. In the case of medicines, they go through three clinical trial phases and can fail at any phase. Going the distance can take many years and millions of dollars of expense. Only 10-14% of these medicines will make it to final FDA approval. The regulatory journey for medical devices and tests is highly dependent on how novel the technology is. If there is something that the technology is comparable to, a 510K pathway is much shorter and has a much higher success rate of 85-90%. For more novel or high-risk med tech products, Premarket Approval (PMA
Class III - High Risk) requires more in depth clinical trials and greater expense. Ultimately, PMA Class III trials have an 80% – 85% approval rate. This journey from idea to approval can span years and sometimes decades. Yet, it is not the end of the road, just a milestone along way to becoming a health innovation. The journey is not just long and complex. It is expensive. The costs to get through clinical trials and approval can range from millions to sometimes billions of dollars. This creates not just development challenges but also funding gaps that must be addressed by attracting investors. To create and deliver a product or service that makes life better is one of the most rigorous, high-stakes journeys in modern business. In Arizona’s rapidly accelerating bioscience ecosystem, the Arizona Bioindustry Association (AZBio) brings together researchers, tech transfer offices, entrepreneurs, investors, clinical networks, and industry as they all work together to support Arizona entrepreneurs as they strive to move a product across the finish line to benefit the people who need them.
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From idea to innovation:
The journey continues
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chieving Food and Drug Administration (FDA) clearance or approval is a momentous milestone for any life science venture. Champagne corks pop, press releases go out, and team members celebrate crossing a finish line that required years of capital investments and clinical testing. Yet, FDA approval is not the finish line. It is the start of the next step in the journey, the commercialization marathon. Securing regulatory clearance permits a company to sell its product, but it guarantees neither payer reimbursement nor clinical adoption. The post-approval innovation journey demands a pivot from scientific validation to commercial execution. A life-saving therapeutic or diagnostic device means little if patients cannot afford it and healthcare providers cannot bill for it, making market access the defining battleground following regulatory approval. Post-approval, companies must secure the three core pillars of reimbursement: obtaining specific CPT or HCPCS codes to properly categorize the treatment for billing, negotiating with commercial insurers, Medicare Administrative Contractors, and Medicaid to establish positive coverage policies, and setting payment rates that cover manufacturing
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costs while delivering measurable value to the healthcare system. Without an effective market access strategy to navigate these complex financial mechanisms, even the most revolutionary medical therapies risk sitting unused on hospital shelves. Health economics and real-world evidence (RWE) Modern health plans demand more than clinical safety—they demand proof that covering the product or service for their covered patients is in the best interest of the insurer, not just the patient. Innovator companies must generate postmarket observational studies and real-world data collection. With this information, companies demonstrate that their product reduces hospital readmissions, lowers overall treatment costs, or improves patient quality of life compared to legacy standards of care. Demonstrating real-world value is essential for securing formulary placement and favorable insurance tiering. Without this, many patients who need the product won’t be able to afford it. The Next Milestone: Commercial Manufacturing and Quality Scaling Transitioning from small-scale clinical batches to commercial-grade, Good Manufacturing Practice (GMP) production
is a significant commercialization milestone. Biotech and medtech firms must scale up supply chains, establish redundant sourcing, and ensure stringent quality control across high-volume runs. This requires additional infusions of capital as the company prepares to reach a broader customer base. Contract manufacturing organizations like ROIS CDMO support the manufacturing process for sterile injectable medicines while West Pharma provides contract services to design and manufacture drug packaging and delivery systems. In the medical device world, contract manufacturers including Cinova Medical, Latham Industries, Poba Medical and SCHOTT MINIFAB, and others support companies in Arizona and across the country in scaling production. In Arizona, life science distribution is our largest employer sub-sector and provides opportunities for Arizona health innovators to build relationships with the supply chain partners they must work through as their products and services move on to hospitals, pharmacies, and ultimately to patients. These Arizona ecosystem partners provide access to specialized advanced manufacturing facilities and regional logistics infrastructure allows emerging ventures to scale operations without sacrificing quality standards. Physician education and clinical integration The final milestone is product adoption. Physicians and other healthcare professionals prescribe what medicines patients will receive or determine the devices that will be used for testing or treatment. Post-approval success requires specialized medical science liaisons (MSLs) and commercial teams to educate healthcare providers, present peer-reviewed data, and integrate the new technology into hospital electronic health record (EHR) workflows. This education process is essential for product launch and on an ongoing basis. The Arizona Advantage in Commercial Scaling AZBio, the Arizona Commerce Authority, the City of Phoenix, GPEC, and other organizations help Arizona companies make the connections they need across the ecosystem as they work to transform patient care worldwide.
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Is our position as the leader in innovative medicines at risk?
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or decades, the United States has served as the undisputed global epicenter of biopharmaceutical innovation, underpinned by robust scientific research, predictable regulatory pathways, and market incentives that justify long-term, high-risk capital deployment. Rough roads ahead An unprecedented convergence of funding cuts, regulatory attrition, and drug pricing disincentives could severely derail America’s life-sciences engine. Rather than continuing historical growth trajectories, research reflects that the total number of novel drugs reaching American patients over the next two decades could plummet by up to 55%, with 45% of potential followon indications—such as expanding existing cancer treatments to new diseases—at risk of abandonment. This threat stems from a perfect storm impacting the entire 15-year drug development lifecycle. Early discovery took a major hit as NIH grants totaling $9.5 billion were terminated by mid2025, causing NIH Notices of Funding Opportunities to collapse from 756 in 2024 to just 14 in 2026. Simultaneously, a 25% workforce reduction at the FDA has eliminated over 3,500 positions resulting in delays. Compounding these upstream hurdles, policies under the Inflation Reduction Act made it more difficult for investors to assess the risk and reward calculation. Investment in early-stage projects plummeted. The IRA also significantly impacted drug prices thus reducing the funds large companies can apply to R&D and resulted in cuts to
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research budgets and product pipelines. Globally, venture capital investments have shifted toward foreign markets like China where drug development is often more predictable and less expensive.
drive this unified response, regional advocacy leadership plays an essential role in connecting state-level innovation with national policy.
Collaborating nationally For over 20 years, AZBio CEOs have served on the Council of State Bioscience Associations (CSBA), a nationwide network of life science associations convened by the Biotechnology Innovation Organization. CSBA members work on pro-biotech public policies, share industry best practices, and support local life-science economies. AZBio’s leadership sits on the advisory board of the Incubate Coalition, which represents early-stage biopharmaceutical companies and their investors, while actively collaborating with No Patient Left Behind to promote healthcare reforms that lower out-ofpocket costs for patients while preserving research incentives. Alongside Arizona universities, AZBio works with the BayhDole Coalition to protect the foundational 1980 law that enables universities and small businesses to retain ownership of inventions arising from federally funded Balancing priorities research. AZBio and Arizona leaders Protecting America’s leadership in also share information with Arizona’s innovative medicines requires a coordinated Congressional delegation, the NSCEB, the strategy that stabilizes early research U.S. Congress Joint Economic Committee, funding, restores FDA regulatory capacity, and the United States International Trade and realigns market incentives to safeguard Commission. high-risk research. By pairing biosecurity By balancing Arizona priorities, mandates with robust domestic capacity industry priorities, patient priorities, and building and streamlined regulatory national priorities, AZBio, its members, processes, federal leaders can protect and ecosystem partners are working to patient access to life-saving cures, secure help shape the policies and initiatives that critical supply chains, and maintain will maintain our nation’s position as the America’s global technological edge. To leader in innovative medicines. Biotechnology and national security Beyond commercial headwinds, national security imperatives are rapidly reshaping the biomedical landscape. The National Security Commission on Emerging Biotechnology (NSCEB), established by Congress in 2022, issued a strategic action plan warning that the nation risks losing its technological edge to strategic competitors like China. The NSCEB report advocates elevating biotechnology as a national priority, establishing a National Biotechnology Coordination Office, protecting biological data as a strategic asset, and embedding biotechnology across defense operations. Crucially, the roadmap calls for mobilizing private capital and scaling domestic biomanufacturing to ensure the United States remains the epicenter of bio-innovation and job creation.
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Arizona leadership in clinical trials A
rizona’s national leadership in clinical trials is fundamentally elevating the quality of life for people in Arizona by driving both health and economic vitality. Ranking eighth in the United States for clinical trial economic impact Arizona has built a world-class bioscience ecosystem that provides early access to groundbreaking medical treatments long before they hit the broader market. This flourishing sector includes premier research institutions, creates high-paying jobs, and pumps billions into the local economy. Consequently, Arizonans benefit from superior localized healthcare, cutting-edge therapies for complex conditions, and a robust, resilient state economy. For Arizona residents participating in these clinical trials, the experience offers a unique combination of cutting-edge healthcare and compassionate, hightouch support. Patients receive access to revolutionary treatments and advanced therapies often years before they become widely available to the general public. Throughout the process, individuals are closely monitored by dedicated teams of specialized physicians, research nurses, and healthcare professionals who prioritize patient safety and comprehensive care. While the trial schedule typically involves regular clinic visits, specialized diagnostic testing, and detailed health tracking, participants frequently express a deep sense of personal fulfillment, knowing their involvement directly contributes to lifesaving medical discoveries that will benefit future generations. Clinical trials are an essential component of the clinical research process. While clinical research serves as the broad umbrella covering all scientific studies
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that evaluate human health, disease mechanisms, and patient outcomes. Clinical trials represent a crucial, highly regulated subset of this broader research focused specifically on testing new drugs, medical devices, diagnostics, or therapeutic interventions for safety and efficacy in human participants. Clinical Researchers use clinical trial data to evaluate when tested treatments are ready to advance through the next stage of the regulatory approval process. Arizona’s leadership in clinical trials is supported by a robust ecosystem of world-class research centers, specialized institutes, and hospital systems across the state. The HonorHealth Research Institute and Mayo Clinic in Arizona lead global advancement in complex drug development, medical device innovation, and translational medicine, while the University of Arizona Cancer Center—the state’s only NCI-designated Comprehensive Cancer Center—combines academic rigor with groundbreaking clinical studies. Community-focused oncology powerhouses like Ironwood Cancer & Research Centers and City of Hope Phoenix further expand local patient access to advanced targeted therapies and precision oncology trials. Specialized research institutes and essential public health systems pioneer therapeutics, advanced diagnostics, surgical innovations, and innovative medical devices across all stages of life. The Barrow Neurological Institute drives world-leading clinical trials in brain tumors and neurodegenerative disorders, complementing the pioneering work of the Banner Alzheimer’s Institute in memory loss prevention and early treatment. Orthopedic pioneers like The
CORE Institute evaluate revolutionary musculoskeletal implants and regenerative therapies, while pediatric networks such as Phoenix Children’s ensure young patients access novel devices and treatments. Safety-net and teaching institutions like Valleywise Health lead critical clinical research through the Diane & Bruce Halle Arizona Burn Center, advancing emergency medicine, trauma care, and wound-healing technologies. Together with key scientific collaborators at Arizona’s universities, hospitals and experts at the Translational Genomics Research Institute (TGen), these leading organizations reinforce Arizona’s status as a top-tier destination for medtech, diagnostic, and biopharmaceutical investment. As Arizona’s bioscience ecosystem continues its remarkable upward trajectory, the expansion of clinical trial infrastructure represents far more than scientific achievement—it is a vital pillar of the state’s long-term economic and community health. By bridging the gap between laboratory discovery and patient care, Arizona ensures that its residents gain early access to life-saving medical innovations while simultaneously driving high-wage employment, expanding the tax base, and attracting billions in biopharmaceutical investment. Fueled by deep collaboration among world-class academic hubs, specialized institutes, safety-net providers, and private industry, Arizonans are not merely participating in the future of healthcare; they are actively defining it—proving that strategic investments in clinical trials deliver transformative returns for Arizona’s economy and the well-being of its people.
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Onshoring innovation A
rizona is a premier hub for onshoring advanced manufacturing and critical technologies. The state’s semiconductor industry is growing rapidly thanks to major capital investments as global leaders like TSMC, Intel, and their supply chain partners have established Arizona as the nation’s premier semiconductor ecosystem. Arizona’s bioscience industry has grown steadily over the last two decades and this growth is accelerating. In 2023, Arizona’s bioindustry generated $43.6B in economic impact. This economic metric significantly outpaces the state’s semiconductor sector. Conversely, Arizona’s semiconductor industry has served as the state’s largest magnet for capital expenditure and infrastructure buildout, paving the way for multi-decade manufacturing output as new fabrication facilities complete construction. The Arizona Advantage Arizona’s pro-business & pro-innovation policies attract and support these industries with streamlined regulatory pathways, competitive tax incentives, and “regulatory sandboxes” that enable companies to test, scale, and commercialize emerging technologies faster than in many other states. Arizona’s strong innovation economy is built on high-level partnerships between universities and these industries that provide tailored training in engineering, manufacturing, and biosciences. The state further supports business growth through a resilient environment with low natural disaster risk, modern transportation links, and strategic access to major trade corridors. Additionally, collaborative hubs like the Phoenix Bioscience Core, the Phoenix Medical Quarter , Discovery Oasis, Tempe and Mesa’s medical device clusters, and Tucson’s Tech Parks drive crosssector industry advancement across its biotechnology and medical technology, semiconductors, and also the defense/aerospace sectors. Business Attraction & Onshoring While announcements of large semiconductor company relocations garner headlines, Arizona’s life science industry is attracting companies from across the country and around the world on a steady basis. International companies preparing to scale are choosing Arizona as their U.S. base. In the last year, companies have joined our life science ecosystem from Australia, Canada, Israel, Mexico, Spain, Taiwan, and the United Kingdom. Closer to home, companies spanning the nation are choosing Arizona as a place to expand operations. Public policy focused on our nation’s strategic priorities support creating new opportunities In Arizona. The EQUIP-A-Pharma (Establishing Qualification Processes for Agile Pharmaceutical Manufacturing) is a federal biomanufacturing 166
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program led by DARPA and the U.S. Department of Health and Human Services (HHS / ASPR). It funds point-of-need 3D printing and chemical synthesis technologies to produce active pharmaceutical ingredients (APIs) and essential medicines domestically. Bright Path is an Arizona company that is executing on this plan and has benefited from substantial federal funding. Components of the CHIPS and Science Act (2022) have helped to stimulate legacy tech businesses like Intel and incentivize the onshoring of companies like TSMC. In addition, Tech Hub funding supported creation of Medical Device Manufacturing Multiplier (MDM2), a public-private consortium led by the Greater Phoenix Economic Council and ecosystem partners to position Greater Phoenix as a global hub for smart MedTech manufacturing. Convergence By pairing massive infrastructure investments in microchips with an established, high-output bioscience sector, Arizona has secured its position as the place for American onshoring and industrial resilience. Supported by proactive public policy, crossborder partnerships, and a robust talent pipeline, the state offers far more than traditional cost and geographic advantages—it delivers a collaborative ecosystem where advanced manufacturing, biotechnology, and medtech naturally converge.
GLOBAL POWER: The Arizona Bioindustry Association and the Taiwan Bioindustry Association signed a Memorandum of Understanding in 2026 committing to fostering collaboration and growth. (Provided photo)
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Investing in health innovation
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nvesting in companies that create groundbreaking health innovations is a high-risk, high-reward proposition that sits at the very heart of economic and human progress. Bringing new medical discoveries from an initial concept to the global marketplace is a complex, highly regulated, and immensely challenging process. Yet, life science investments— spanning biotechnology, pharmaceuticals, medical devices, and diagnostics—typically represent the second-largest sector in venture capital and private equity funding, behind only software and information technology. Smart investors willingly accept these formidable challenges because they recognize that a single breakthrough can earn enormous financial returns, while the fundamental human need for better medical treatment never wanes. Virtually no life science enterprise reaches full commercialization without taking on outside investment due to the extraordinary capital demands and extended timelines inherent to the industry. Developing a novel medicine costs between $1 billion and $2.6 billion and requires up to twelve years of clinical trials, while complex medical devices routinely demand tens of millions of dollars before earning regulatory clearance. Because these ventures cannot generate commercial revenue during prolonged development phases, bootstrapping through organic 168
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cash flow is practically impossible. The rare companies that scale without traditional venture equity usually operate in lowerrisk niches like digital health or contract research or rely heavily on non-dilutive government grants paired with early strategic licensing partnerships.
venture capital often step in during Series A and B rounds, where the funds finance Phase 1 and Phase 2 trials, taking board seats to guide regulatory strategy. By the time a late-stage company secures growth equity for Phase 3 trials and commercial infrastructure, scientific risk gives way to market execution risk. LateThe evolving risk profile stage success hinges on whether doctors As a life science company advances across adopt the technology, insurance plans cover Arizona’s expanding innovation ecosystem, the cost, and supply chains efficiently meet its underlying risks evolve dramatically over demand while generating profits to satisfy time. investors and fund future research. An early-stage company tests whether a scientific theory actually works in human Being investable biology, where the primary dangers are that At every stage, investors assess the treatment proves unsafe or ineffective companies based on their unique criteria to and whether the leadership team can determine if the potential reward exceeds successfully execute the business plan while the investment risk. Individual investors raising the necessary capital. (angels) must assess if this investment In the pre-seed and seed funding stages, opportunity meets their personal angel investors look beyond the raw investment criteria while institutional technology to heavily weigh the quality, investors (VCs and private equity resilience, and coachability of the founding firms) must evaluate if the investment team, evaluate the quality of the intellectual opportunity can provide the level of property, and try to predict the future investment returns that their investors market potential. expect. Companies must execute on their The funding needs of clinical-stage plans and achieve key milestones to be companies grow significantly as the company deemed “investable” across each stage of moves on from theory to practice navigating development and commercialization. structured clinical trials to prove safety and When investor expectations match up efficacy across hundreds or thousands of with company performance, investment diverse patients while facing strict regulatory happens and the health innovation journey oversight. Family Offices and institutional continues.
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ARIZONA BIOINDUSTRY ASSOCIATION
Funding the future A
ddressing vast unmet medical needs represents both a critical healthcare mandate and a major market opportunity for Arizona’s expanding life science industry. Globally, over 7,000 rare diseases exist, yet 95 percent lack an FDAapproved treatment, leaving thousands of conditions without therapeutic options. Millions more patients contend with inadequate therapies for complex chronic illnesses, including neurodegenerative disorders, treatment-resistant cancers and mental health conditions. Even when we have medical solutions, the rising cost of healthcare delivery is stretching government budgets and creating cost challenges for patients. This creates a market opportunity for additional health innovations that bend the healthcare cost curve. As global demand for medical breakthroughs accelerates, strategic public investment has become a vital catalyst for regional prosperity, driving substantial growth across the life science sector. Across Arizona, city, state and federal governments play a pivotal role in nurturing healthcare innovation by bridging the critical funding gaps that frequently occur along the challenging journey from discovery to development to delivery. Central to our current and future momentum are two Arizona initiatives focused on funding the discovery and development of health innovations. Arizona’s strategic investments in the Technology and Research Initiative Fund (TRIF) serve as a fundamental engine driving the rapid expansion of the state’s life science sector. Since its inception in June 2001, the program has received over $1.95 billion in TRIF funds. In FY 2025, the university system received over $138 million in TRIF revenue. These funds 170
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provide crucial early-stage resources that help state universities prepare discoveries to become future medical technologies. Paired with significant university infrastructure investments, such as worldclass research facilities and advanced laboratories, these public commitments empower institutions to attract top scientific talent and secure major federal grants. Research discoveries are the start of the innovation journey. Life science companies and their employees take these discoveries and transform them into the products and services that improve people’s lives. The Arizona Health Innovation Trust Fund (AHIT) is a permanent endowment that, as it grows, will provide support for Arizona bioscience startups and workforce development. Deployed through key initiatives like AZAdvances, these sustained public commitments empower local researchers to transform laboratory breakthroughs into viable commercial solutions that benefit people across Arizona. Ultimately, this powerful combination de-risks breakthrough discoveries, accelerates commercial spin-offs, prepares our workforce and strengthens Arizona’s competitive edge as it rises to become a national bioscience powerhouse. Arizona is not alone in funding its bioscience sector, as states nationwide propel life science commercialization through dedicated public investments.
Massive programs in Massachusetts, Texas, California and New York, alongside state-backed entities in Colorado, Indiana, North Carolina, Ohio, Pennsylvania and Utah, provide critical grants and seed loans. Together, these initiatives de-risk earlystage technologies and build vital research infrastructure. Federal agencies serve as vital catalysts for biomedical innovation, driving foundational breakthroughs into lifesaving treatments. Essential agencies like the National Institutes of Health (NIH) and National Science Foundation (NSF) provide crucial funding for basic scientific research, while agencies such as DARPA pioneer revolutionary technologies, and the Administration for Strategic Preparedness and Response (ASPR) supports critical biodefense and medical countermeasure development. Catalyzing this vast public investment, the landmark Bayh-Dole Act enables universities and research institutions to retain intellectual property rights to federally funded inventions. This key policy bridges academic discoveries with private-sector commercialization, transforming federal R&D investments into market-ready health solutions. Supported by public and private investments, Arizona’s health innovators are not only advancing life-saving treatments and new cost-effective solutions but also cementing the state’s position as a global engine for discovering, developing and delivering treatments and cures.
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SUPPORTING ENTREPRENEURSHIP
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aunching a bioscience venture carries exceptional risks, characterized by extended commercialization timelines, stringent regulatory hurdles and substantial upfront capital demands before reaching revenue. Unlike traditional tech startups, life science entrepreneurs must navigate complex clinical validation processes while protecting sophisticated intellectual property. Dedicated support programs provide early-stage founders with the specialized infrastructure needed to survive this critical development phase, often called the valley of death. By offering expert mentorship, seed funding, laboratory incubator access and regulatory guidance, these targeted initiatives dramatically de-risk venture investments. Ultimately, robust entrepreneurial ecosystems transform promising laboratory discoveries into viable medical solutions that improve patient outcomes and drive regional growth. Arizona’s life science sector is rapidly expanding into a national innovation hub, propelled by targeted programs designed to shepherd early-stage founders from laboratory discovery to commercial reality. The Flinn Foundation leads strategic development through its Bioscience Entrepreneurship Program and Translational Seed Grants, offering critical seed capital and mentorship. Concurrently, the Arizona Bioindustry Association (AZBio) offers programs that provide entrepreneurial education, mentoring, essential industry advocacy, networking and capital connections. The Arizona Commerce Authority fuels startup scaling through competitive initiatives like the
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Arizona Innovation Challenge. Arizona cities with high life science density, including the City of Flagstaff, the City of Mesa and the City of Phoenix, have dedicated personnel focused on growing their life science sectors. Arizona’s life science entrepreneurs benefit from a robust network of specialized incubator programs, flexible facilities and collaborative community platforms designed to accelerate commercialization across the state. At the University of Arizona, the Arizona Center for Innovation provides startups with business incubation, specialized facilities and structured mentorship to transform academic discoveries into market-ready ventures. Early-stage founders seeking specialized guidance can turn to AZBioPEERS, an educational program that delivers actionable insights from experienced industry executives on regulatory, financing and operational challenges. For physical infrastructure, Connect Labs by Wexford at 850 PBC offers turnkey wet lab space alongside essential shared equipment, while the Center for Entrepreneurial Innovation at GateWay Community College delivers comprehensive business incubation services and hands-on operational support. Extending these critical resources into Northern Arizona, Moonshot in Flagstaff provides life science founders with specialized laboratory facilities, incubation programming and mentorship tailored to rural and high-altitude bioscience innovation. Founders looking to build vital community connections regularly
gather at Venture Café, a weekly event hosting cross-disciplinary networking and expert discussions. Furthermore, medtech startups requiring deep clinical validation leverage the Mayo Medtech Accelerator, a collaboration between Mayo Clinic and Arizona State University that pairs emerging companies with clinical experts, regulatory advisors and market-access strategists. Access to the capital and other resources that they need to grow is a common need across the entrepreneurial community. In addition to events and introductions that connect Arizona science entrepreneurs, specialized consultants and investors together, AZBio offers its members discounts on specialized products and services that life science companies need to succeed. AZBio’s BIO Business Solutions® programs have helped Arizona life science entrepreneurs save tens of millions of dollars over time and $4 million in 2025 alone. Raising investment capital is hard work. This program from AZBio makes saving money easy so that precious resources can be reinvested in the innovator’s journey. Together, these complementary resources foster a thriving, resilient ecosystem where bioscience innovators receive the funding pathways, physical lab space and strategic guidance required to scale groundbreaking technologies. Together, these collaborative resources equip bioscience entrepreneurs with the capital, infrastructure and expertise required to build great companies that can deliver health innovations to people in Arizona and around the world.
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INVESTING IN TALENT
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rizona ranked as the nation’s second-fastest bioscience job creator over a ten-year term (2012-2022). Sustaining this extraordinary momentum demands a relentless focus on building a robust life science workforce. The rapid expansion of regional biotechnology, clinical research and medical device enterprises has intensified the need for highly skilled local talent. In the classroom Across Arizona’s public and private universities, an estimated 12,000 to 16,000+ students are actively enrolled in biological and biomedical science degree programs at any given time. When broadening the scope to include the full life sciences ecosystem, such as biomedical engineering, biochemistry, biostatistics/ bioinformatics, pharmaceutical sciences and agricultural biotechnology, the total statewide student pipeline exceeds 20,000 students. The Office of the Maricopa County School Superintendent’s Exploring Pathways to Bioscience Careers Program, supported by funding from the Flinn Foundation, bridges the gap between K–12 education and Arizona’s rapidly expanding life sciences industry. Leveraging platforms like Educator Pro Connect alongside curated classroom video spotlights and curriculum
tools, the initiative connects middle and high school students directly with local bioscience and healthcare professionals. Industry initiatives The AZAdvances Talent program, an initiative of the Opportunity Through Entrepreneurship Foundation (OTEF) in partnership with AZBio, cultivates the next generation of life science and healthcare leaders across Arizona. Structured around three core pillars—Connections, Internships and Scholarships—the statewide initiative bridges academic learning and industry needs by facilitating industry engagement through the Student Discovery Zone, providing structured, paid internships at local biotechnology companies and awarding targeted academic scholarships. By providing real-world, hands-on experience and supporting small bioscience ventures with turnkey workforce placement, the program creates an equitable, homegrown talent pipeline essential for sustaining Arizona’s rapidly accelerating health innovation economy. The Medical Device Manufacturing Multiplier (MDM2) consortium strengthens Arizona’s life sciences and MedTech ecosystem by building a specialized, future-ready manufacturing workforce. Formed under an Economic
FUTURE ON DISPLAY: The Student Discovery Zone at the AZBio Awards is where Arizona high school and university life science programs display their research projects and compete for scholarships. Supported by AZBio, AZAdvances, and Barrow Neurological Institute the program has supported 1,700 students since it launched in 2011. (Photo by Mark Goldstein) 174
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Development Administration (EDA) Tech Hubs strategy grant and led by regional partners, including the Greater Phoenix Economic Council, AZBio and Arizona universities, MDM2 unites industry leaders, academic institutions and community organizations to align specialized training with industry demand. Scholarships for online learners Through a strategic partnership with InStride and Arizona State University, the AZBio ASU Scholarship Program empowers life science professionals across the state to advance their education and build future-ready skills. Eligible employees of AZBio member companies and their dependents can receive a 15% tuition scholarship applied automatically toward base tuition for more than 400 undergraduate and graduate online degree and certificate programs offered through ASU Online. Available starting on day one of employment, this initiative enables workforce members to balance flexible, high-quality learning alongside their professional commitments, directly supporting career advancement and strengthening Arizona’s talent base. Working nationally Both AZBio and AZAdvances are members of the Life Sciences Workforce Collaborative (LSWC), a national nonprofit organization uniting more than fifty state, regional and national bioscience partners to align, advise and accelerate talent development across the entire career continuum. AZBio’s President and CEO serves on the LSWC Board of Directors. Through this partnership, AZBio contributes directly to vital national research—such as the biennial National Life Sciences Workforce Trends Report produced with TEConomy Partners—assuring that Arizona’s rapidly expanding bioscience ecosystem remains closely integrated with national best practices, real-time employer demand and biomanufacturing talent strategies. A smart investment Investing in Arizona’s workforce pipelines today ensures Arizona’s health innovation economy remains resilient, competitive and ready to support the industry’s talent needs today and in the future.
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NEVER ENOUGH Each day we have with the people we love is precious, and there are never enough. When someone we love lives with disease, we do what we can to help; and feel like it is never enough. Every time as researchers, innovators, and healthcare teams we are not able to conquer a disease in time, we know that for all that we do, until we succeed, it is never enough. So we keep loving, keep helping, keep working to find answers. For when we do, someday, it will be enough.
Thank you to all of the family members, friends, caregivers, researchers, innovators, investors, philanthropists, healthcare teams, and, most of all, to the patients who work together to get us to someday.